Samsung SDS Launches Financial Blockchain Platform

Samsung SDS, a subsidiary of the Korean electronics giant Samsung Group has announced the launch of their latest blockchain platform called ‘Nexfinance’.

The platform is essentially designed for financial institutions and will use new and existing technology to help financial institutions in their digital transformation. Nexfinance has been designed to ensure that financial institutions have a smooth and secure digital transition using blockchain technology.

Issues addressed.

According to Samsung SDS, the new platform will help financial institutions in digital identity, finance concierge, artificial intelligence (AI) virtual assistant, and automatic insurance payment. Nexfinance will also be open for developers and clients to build third-party solutions atop the platform.

“Its digital identity offering will specifically use blockchain-based identification to secure customer information and enable permissioned participants of the blockchain to safely access the data. As an asset management service, the financial concierge uses AI and big data analysis to help oversee assets better. The AI virtual assistant automates billing of customer insurance claims, making it a seamless, more-efficient process for customers,” Samsung said.

Samsung SDS which was established in 1985, last year successfully launched its enterprise blockchain platform and cloud computing solution ‘Nexledger’. ‘Nexledger’ is a business-to-business blockchain platform for enterprises and corporations. The company has also been involved in a blockchain project for the Seoul Metropolitan Government, developing a blockchain that would be used for administrative use.

The company has been dedicated to providing information technology services and in recent times, blockchain has been part and parcel of such services. Samsung SDS has prioritized blockchain technology and particularly identification management for some time now and the results have been excellent. Rumors now have it that the company is working on manufacturing cryptocurrency mining equipment that it will be releasing soon. The company has however not confirmed or denied this news.

Competition and Alliances

Microsoft has also joined the race to secure digital identity through blockchain, an announcement that came earlier this year. Microsoft, IBM, and Accenture have also been working together on the United Nations ID 2020 initiative that looks to utilize blockchain in securing privacy and security.

Samsung SDS CEO Hong Won-Pyo at a press event in Seoul said that new technologies such as biometrics, AI, and blockchain are bringing out the need for a fundamental innovation in the finance industry.

Using proven and new technology in unison, the ‘Nexledger’ platform will help financial institutions make their digital transformation as secure and efficient as possible.

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